MANILA - Property developer Globe Asiatique Realty Holdings Corp. is eyeing to raise as much as P3.39 billion from an initial public offering (IPO) slated early next year.

In a filing with the Securities and Exchange Commission (SEC), Globe Asiatique said it will offer 170.4 million primary and secondary shares to be sold at P6.50 to P10 apiece.

The offer shares, which will be listed in the Philippine Stock Exchange, is equivalent to 15% of the company's outstanding capital. Globe Asiatique has also set aside an over-allotment option of 168.71 million shares, raising total IPO shares to 30% of outstanding capital.

BDO Capital and Investment Corp. will serve as the lead manager and underwriter for the offering.

Net offer proceeds will be used by the company to finance cash requirements for the construction of various projects such as GA Sky Suites and Corporate Tower (P100 million to P500 million), and Sameera (P100 million to P400 million).

Globe Asiatique, led by businessman Delfin Lee, focuses on the development of housing or high-rise projects for the socialized and low-cost housing sectors.

For the first 9 months of the year, the company reported a 40% rise in net income to P300.14 million owing to a 4% jump in revenues to P3.02 billion.